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Equilibrium have lower bottom bracket, and longer fork, which is why the headtube measurement (as well as top tube) must be taken with a pinch of salt.
You already answered it; the Equilibrium is 20mm more upright.
The Zero is a race-fit, whether the Equilibrium is not (shorter and upright vs. long and low).
Compare stack and reach instead.
Equilibrium have a longer headtube in comparison